GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H4 chart, the previous mid-term uptrend has been corrected by 382%. Later, the current descending correction may continue after breaking the local low at 1.3030. The next targets may be inside the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.2906 and 1.2837 respectively.
At the H1 chart, the pair is forming the short-term correction to the upside, which has already reached the retracement of 50.0%. After completing the correction, the instrument may start a new descending impulse to continue the mid-term downtrend. If the price breaks the local low at 1.3087, it will continue moving toward the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.3035 and 1.3000 respectively.
EUR JPY, “Euro vs. Japanese Yen”
As we can see at the H4 chart, the EUR/JPY pair is still moving sideways and may soon break the current high at 134.37. In this case, the price may move towards the post-correctional extension area between the retracements of 138.2% and 161.8% at 135.43 and 136.07 respectively.
At the H1 chart, the divergence is being formed, which may indicate a possible descending movement. This possible decline may be considered as the correction of the previous ascending impulse. The targets of this correction may be the retracement of 23.6%, 38.2%, and 50.0% at 133.54, 133.18, and 132.89 respectively. The resistance level is close to the local high at 134.13.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.